Insurance Technology Industry News

TMCNet:  Downgrade Alert for RenaissanceRe Holdings (RNR)

[January 10, 2013]

Downgrade Alert for RenaissanceRe Holdings (RNR)

Jan 10, 2013 (SmarTrend(R) Upgrades/Downgrades via COMTEX) -- RenaissanceRe Holdings (NYSE:RNR) was downgraded from Outperform to Market Perform at Wells Fargo today. The stock closed yesterday at $80.91 on volume of 777,000 shares, above average daily volume of 554,000. RenaissanceRe Holdings has overhead space with shares priced $80.91, or 7.4% below the average consensus analyst price target of $87.40. The stock should find initial support at its 50-day moving average (MA) of $80.11 and further support at its 200-day MA of $77.27.

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance. The Company's business primarily consists of catastrophe reinsurance, specialty reinsurance, and individual risk business.

Over the past year, RenaissanceRe Holdings has traded in a range of $70.00 to $82.76 and closed yesterday at $80.91, 16% above that low. The 200-day and 50-day moving averages have moved 0.13% higher and 0.05% lower over the past week, respectively.

SmarTrend is tracking the current trend status for RenaissanceRe Holdings and will alert subscribers who have RNR in their portfolio or watchlist when shares have changed trend direction.

Write to Chip Brian at cbrian@mysmartrend.com --------------------------------------------------------------------------------------------- SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.MySmarTrend.com Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.MySmarTrend.com/signup

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